The acceleration of labor productivity growth that began
during the mid-1990s is the defining economic event of the past
decade. A consensus has arisen among economists that the acceleration
was caused by technological innovations that decreased the
quality-adjusted prices of semiconductors and related information and
communications technology (ICT) products, including digital
computers. In sharp contrast to the previous 20 years,
services-producing sectors heavy users of ICT products-led... (more info)

The acceleration of labor productivity growth that began
during the mid-1990s is the defining economic event of the past
decade. A consensus has arisen among economists that the acceleration
was caused by technological innovations that decreased the
quality-adjusted prices of semiconductors and related information and
communications technology (ICT) products, including digital
computers. In sharp contrast to the previous 20 years,
services-producing sectors heavy users of ICT products-led the
productivity increase, besting even a robust manufacturing sector. In
this article, the authors survey the performance of the
services-producing and goods-producing sectors and examine revisions
to aggregate labor productivity data of the type commonly discussed by
policymakers. The revisions, at times, were large enough to reverse
preliminary conclusions regarding productivity growth slowdowns and
accelerations. The anticipated acceleration in the services sector and
the large size of revisions to aggregate data combine to shed light on
why economists were slow to recognize the productivity acceleration.

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